Qatar Investment Authority (QIA) and Switzerland-based Glencore have acquired a 19.5 per cent stake in Russia’s largest oil producer Rosneft for €10.2bn ($11bn).

The deal is still in the final stages of negotiations and is expected to close in mid-December.

Glencore says it will commit €300m in equity, with the balance provided by QIA and by non-recourse bank financing. QIA is a major shareholder in Glencore.

It is understood that Rosneft held talks with more than 30 potential buyers. Rosneft produces about 5 million barrels a-day of oil.

On 30 November Opec agreed to cut production by 1.2 million barrels a-day in January 2017. Non-Opec producers led by Russia are close to finalising a commitment with Opec to cut production by 600,000 b/d. Opec is meeting with non-Opec producers on 10 December in Vienna.